Venezuela is estimated to have about 300–303 billion barrels of proven crude oil reserves , the largest of any country in the world and nearly one‑fifth of known global reserves.

Quick Scoop

  • Venezuela’s proven oil reserves are commonly quoted at around 303 billion barrels , edging out Saudi Arabia and representing roughly 19–20% of global crude reserves.
  • These reserves are heavily concentrated in the Orinoco Belt , a vast area of extra‑heavy crude that is technically harder and more expensive to extract and refine.
  • Despite this massive endowment, Venezuela currently produces around 1 million barrels of oil per day (under 1% of global output), far below its potential due to years of underinvestment, sanctions, and damaged infrastructure.

Context and latest news

  • Recent coverage notes that Venezuela’s oil has become a central geopolitical flashpoint again, as the United States discusses or moves toward deeper involvement in rebuilding the country’s “badly broken” oil industry.
  • News outlets in early 2026 highlight that any serious attempt to unlock Venezuela’s oil wealth will require billions of dollars in investment , political stabilization, and major repairs to refineries, pipelines, and fields.

In short: when people ask “how much oil is in Venezuela?” , they are referring to this enormous proven reserve figure of roughly 300+ billion barrels sitting mostly in heavy crude fields that are still far from fully exploited.

TL;DR: Venezuela has about 300–303 billion barrels of proven oil in the ground, the largest reserves on Earth, but only a small fraction is currently being produced due to economic, technical, and political constraints.

Information gathered from public forums or data available on the internet and portrayed here.